Prime Minister reaffirms his stance Oyu Tolgoi project should be beneficial to Mongolia

2021-11-23 15:21:21

Ulaanbaatar /MONTSAME/. Prime Minister of Mongolia L.Oyun-Erdene yesterday received Jakob Stausholm, Chief Executive of Rio Tinto Group and other representatives in connection with the Oyu Tolgoi project talks.

At the meeting, Prime Minister L.Oyun-Erdene emphasized that the talks should achieve a result for ensuring the implementation of the parliamentary resolution No.92 dated November 21, 2019, on ‘Ensuring the interests of Mongolia in the exploitation of the Oyu Tolgoi gold-copper mine’.

Warning that the Rio Tinto company must take responsibility for issues concerning cost overruns and schedule delays in the Oyu Tolgoi underground mine development and for financing essential additional costs, the Prime Minister noted that the debts accrued on the Mongolian share of 34 percent should be fully nullified, and the condition should be created so that Mongolia gets dividend from the project. 

Furthermore, he noted that Rio Tinto must pay attention to terminating the Oyu Tolgoi Underground Mine Development and Financing Plan, known as ‘Dubai Agreement’, which has been causing controversy since its establishment, in the near future and further creating the condition that the ‘Oyu Tolgoi’ project becomes mutually beneficial and ensure the interests of the Mongolian people. He also expressed his position that it is proper that the project's benefits for Mongolia should be calculated based on the Feasibility Study, carried out in 2010.


Chief executive of Rio Tinto Jakob Stausholm  expressed readiness to cooperate with Mongolia as transparent and open as possible, putting emphasis on the operation in Mongolia, and to upgrade the cooperation to a new level based on mutual trust.

During his terms as the Chief of the Cabinet Secretariat, Prime Minister L.Oyun-Erdene held an online meeting with Jakob Stausholm, who had just been appointed CEO of Rio Tinto, on December 2020. The Prime Minister reaffirmed his stance that the policy and position adhered during the tenure of the head of the working group, established by the government, have not changed.


The working group in charge of implementing the parliamentary resolution No.92 dated November 21, 2019, is now chaired by  Minister of Justice and Internal Affairs Kh.Nyambaatar.